US giant Hershey takes minority stake in Fulfil
With Fulfil doubling turnover every year since its inception in 2016, US giant Hershey has now come on board to expand its growth across Europe and Australia.
19 August 2019 | 0
US giant The Hershey Company has acquired a minority stake in Fulfil Holdings Limited, the owner of the snacking brand Fulfil.
Headquartered in Dublin, Fulfil has rapidly grown since its inception, now outselling many traditional chocolate snack bar brands in the UK and Ireland and named a top 50 consumer brand in Ireland.
In fact, Fulfil has doubled turnover every year from €12 million in 2016 to an anticipated €100 million this year.
Brian O’Sullivan, CEO of Fulfil Holdings said the brand’s success had come through “disrupting the traditional snacking market by delivering great-tasting bars with nutritional benefits — high protein, low sugar and essential vitamins”.
In addition to the minority investment of Allied Irish Banks in 2018, The Hershey Company investment is a key milestone in Fulfil’s business growth. In 2017, Hershey announced a “snacking powerhouse” vision, expanding its snacking portfolio to include better-for-you snacks to complement its existing confection brands.
“Our objective is to deliver great-tasting, nutritional snacking products to consumers worldwide,” O’Sullivan said. “Over the last 18 months we have built a highly capable management team and have developed an aggressive expansion strategy based on a thorough understanding of our target consumer.”
He was also delighted that Hershey “with its scale and knowledge of snacking built over 125 years” realized the opportunity presented by Fulfil.
Jefferies LLC acted as financial advisor to Fulfil Holdings Limited in connection with the transaction.